Question : The monthly income of a person was INR 40,000. He used to save 25% of his income. His nominal income increases by 15% and his nominal expenditure increases by 20%. What is the percentage change in his nominal savings?
Option 1: 7.5%
Option 2: 0%
Option 3: 5%
Option 4: 10%
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Correct Answer: 0%
Solution : The monthly income of a person was = INR 40,000 He used to save 25% of his income His nominal income increases by 15% and his nominal expenditure increases by 20% Saving = 25% of 40000 = INR 10000 The expenditure of a person is = Total Income - Savings Expenditure = INR 40000 – INR 10000 = INR 30000 As the income is increased by 15% Increases in income = $40000 \times \frac{15}{100}$ = INR 6000 New income will be = Previous income + Increased income New Income = INR 40000 + INR 6000 = INR 46000 The expenditure is also increased by 20% Increases in expenditure = $30000 \times \frac{20}{100}$ = INR 6000 New expenditure will be = previous expenditure + Increased expenditure New expenditure = INR 30000 + INR 6000 = INR 36000 New savings of a person is = Total Income – expenditure New saving = 46000 – 36000 = INR 10000 The percentage change in savings = $\frac{\text{Change in saving}}{\text{Previous Income}}\times 100$ = $\frac{10000 – 10000}{10000}\times 100$ = 0% $\therefore$ The percentage change in his normal savings is 0%. Hence, the correct answer is 0%.
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Question : The monthly income of a person is INR 15,000. He saves 20% of his income. If his income increases by 10% and his nominal savings remain the same, then what will be his new expenditure?
Option 1: INR 13,000
Option 2: INR 14,500
Option 3: INR 13,500
Option 4: INR 14,000
Question : The ratio of the expenditure and savings of a person is 4 : 3. His expenditure increases by $\frac{1}{4}$th of his initial savings and his income increases by Rs. 300. If his savings remain the same, then what is his initial expenditure?
Option 1: Rs. 1600
Option 2: Rs. 2000
Option 3: Rs. 1000
Option 4: Rs. 1200
Question : Mayank spends 35% of his monthly income on household items, 25% on electronic items, and 7% on medicines. He saves the remaining amount of INR 11,550. What is Mayank's monthly income (in INR)?
Option 1: INR 38,000
Option 2: INR 35,000
Option 3: INR 40,000
Option 4: INR 33,000
Question : Aman gave 30% of his monthly income to his father and of the remaining income he gave 30% to his daughter and 25% to his wife. Aman invested the amount of money remaining from his monthly income equally in three schemes. If he invested INR 42,000 in each scheme, what is Aman's monthly income (in thousands)?
Option 1: 300
Option 2: 400
Option 3: 200
Option 4: 500
Question : If Chetan's present income is INR 40,000 and it increases by 1% annually, then what will be his income 2 years from now?
Option 1: INR 50,800
Option 2: INR 58,000
Option 3: INR 40,804
Option 4: INR 44,854
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